Hyderabad: One of the largest cyber fraud cases to be recorded in the city in recent months included a 52-year-old private employee who lost Rs 2.36 crore after becoming a victim of an online trading scam.
In another instance, fraudsters used a credit card limit expansion scam to defraud a resident of Jagtial out of Rs 41,000.
Investment trap via WhatsApp group
The Hyderabad victim was added to the Shoonya WhatsApp group, which is purportedly run by Sarvjeet Singh Virk and his partner Swetha, according to Rachakonda cybercrime police.
The group provided stock tips, IPO suggestions, and investment advice, positioning itself as an AI-powered stock trading platform. The victim downloaded a trading program based on these guarantees, made their first modest investments, and saw earnings on the site.
Motivated by the profits, he started investing more in equities and initial public offerings (IPOs), ultimately contributing Rs 2.36 crore. However, the platform requested more payments under various guises when he tried to withdraw his money.
The victim recently filed a complaint after realizing he had been duped, saying: “I invested Rs 2,36,40,000 in transactions and received zero returns.” I lost the entire sum.
Jagtial credit card fraud
In the meantime, a man in Jagtial lost Rs 41,000 when he was offered an increased credit card limit by cybercriminals acting as representatives of Ratnakar Bank Limited. The victim clicked on a phishing link that the scammers shared, causing the money to be taken out of his account.
The victim’s attempts to reach the alleged bank representatives were unsuccessful. Afterwards, he complained to the local police.
Police issue an advisory
Officials in charge of cybercrime have warned people to be on the lookout for these types of scams. They cautioned against downloading unreliable apps, clicking on dubious links, and investing in unregulated financial networks.
